THE Italian Lakes are feted

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1 ENJOYING LA DOLCE VITA The Italian lakes offer competitive prices and glorious scenery, says Gordon Miller THE Italian Lakes are feted by the rich and famous. George Clooney, Elton John and Oscar De La Renta count themselves as devotees of the three main lakes Como, Garda and Maggiore in northern Italy, south of the Alps. Exclusive Lake Como is where the slebs tend to be found; Lake Maggiore is the nearest to Milan, drawing crowds from the city for weekends; Lake Garda, the most easterly, only 20 minutes drive from Verona airport with international flights to the UK, is home to Bella Italia on the lakeside and Gardaland, a renowned theme park (inset). Linda Travella, a British estate agent with three decades real estate experience solely in Italy, notes the lakes many attractions, accessibility for international visitors and activities for their children in a safe environment are a major draw. Lakes Como and Maggiore offer stunning scenery and established, as well as some new-build, properties with lake views, she says. Lake Garda is flatter and more open, and properties with lake views are less common. It s popular with families because of Gardaland. Property prices follow hand in hand with exclusivity, as they do the world over. Simone Rossi, general manager at gate-away.com notes that the region of Lombardy, in which Lake Como is located, is placed fourth in the most sought-after Italian regions, according to gate-away.com s 2016 first quarter report. Due to Lake Como s exclusivity, average house prices in Lombardy are among the highest in Italy, he says. Lake Garda, with its mild climate, beautiful scenery and the short distance to reach the Alps for ski and mountain activities, has great potential. A classic example of a Lake Como property for sale is a five-bedroom, five-bathroom villa on the lakeside, ten miles from Como and 40 miles from Milan. Set on four floors with two entrances, an extensive interior and exterior restoration project was completed in The asking price is 4.5million ( 3.5million) with Beauchamp Estates. That s at the high end, notes Rossi. The average value for Italian properties considered by overseas investors stands at around 480,000 Article Page 1 of 6

2 ( 379,000). In Veneto and Trentino, the local real estate market offers the possibility of valuable properties at significantly lower prices compared to the overall average prices and to those of the Lombardy region. An example to support Rossi s point is a newer-build four-bedroom, twobathroom villa set into the Torri del Benaco hillside, in a prestigious residential area. It has two panoramic lake-view terraces, and a private garden of 3,000 sqm complete with an olive grove. The asking price is 1.2million ( 947,000) with gate-away.com Asking prices are increasing in some regions, notes Rossi. Veneto and Trentino Alto Adige, closest to Lake Garda, may not be statistically within the top ten of the most desirable regions, but Trentino prices in particular grew 83 per cent in the past year and this trend should continue in The upward trajectory prospective buyers, notes Lynne, is that most Italian lakes are protected against over-development. This further safeguards the value of homes in the lake s vicinity and ensures that visitors will want to keep coming, she says. It s a fine balance, of course, to maintain the heritage while encouraging new life. The lakes seem to have found a harmonious equilibrium. Market demand and increasing values motivate period- property owners to maintain and renovate, while pockets of new-build properties spring up, encouraged by purchaser demand. Lynne thinks it all adds up. Lake Como has the distinct elegance and sophistication of another era, with a steamer operating on the lake and large villas with gardens open to the public, but the northern part of Lake Garda also holds appeal with its rugged and dramatic mountains. gives buyers confidence, says Lynne Davies of Italy. Properties on the lakes retain their value extremely well regardless of issues in the broader, more domestically focused market and the economy in general, explains Lynne. That said, Daria Burimova, Tranio real estate investment expert and Italy sales manager, has actually noticed a ten to 15 per cent drop in prices although it does vary depending on the location. It s not always noticeable that prices have decreased, judging only by the advertisements, but sellers are often more willing to lower the prices when a real buyer shows, she says. The trend doesn t always apply to the high-end properties, Daria notes, as typically their owners are in no urgent need for money, so don t leave such considerable room for negotiation on the selling price. A further bonus for owners and Article Page 2 of 6

3 SOMETHING FOR EVERY BUDGET Budget Price: 275,000 ( 217,000) Location: Lake Garda This two-bed flat, part of Green Residence, is just 300 metres from Lake Garda and 2km from the centre of Desenzano del Garda. casatravella.com Mid Price: 340,000 ( 268,000) Location: Lake Lugano This three-bed is in a small residential complex on Lake Lugano. The master bedroom has a terrace with views over the lake and mountains. tranio.com High Price: 1.35million ( 1.06million) Location: Via Nuova Regina, Laglio, Lake Como This new-build development has its own private beach and the flats have luxury fittings and views across the lake. milan-sothebysrealty.com Uber Price: 6.5million ( 5.13million) Location: Villa Annetta, Faggeto Lario, Lake Como This modernised, period six-bed villa, set on four floors, has exquisite views over Lake Como and is surrounded by a private garden. john-taylor.com Article Page 3 of 6

4 BUYING IN ITALY Linda Travella notes stamp duty was reduced in 2014, and there s no inheritance tax levied in Italy. Other positives include no Capital Gains Tax (although you may still be liable in the UK) after five years, should you sell. A real plus is that no gazumping goes on as long as contracts are drawn up correctly, says Linda. When buying an existing second home, add about 12 per cent of the purchase price, and about 14 per cent for a new build when you buy in Italy you pay commission however you buy. Italian abode: George Clooney has a home on Lake Como Lynne Davies of Beauchamp Estates Italy, notes the benefit of the Northern lakes proximity to some of the best Italian and Swiss ski resorts. It s possible to have a rental season that extends well beyond the summer months, she says. Rental yields can be from four to seven per cent. Ilaria Pinto of Italy Sotheby s International Realty says: An understanding of the language is important to fully grasp factors such as value and price considerations, the zoning ordinance and the legal/ contractual system. Spectacular: Mountainous Lake Maggiore is just 50 minutes drive from Milan GETTING THERE Flying time is 1 hour 40 minutes from London airports to Verona airport and either Milan airports. Lake Garda is 20 minutes drive from Verona; Lake Maggiore and Lake Como are around 50 to 60 minutes drive from Milan. EasyJet, Ryanair, and BA among others fly to Verona and Milan. Return flights from Gatwick to Verona are as low as 50pp. ba.com; easyjet. com; ryanair.com Article Page 4 of 6

5 Breathtaking: Trentino, Lake Garda Article Page 5 of 6

6 Exclusive: Varenna, Lake Como s r s PHOTO: GETTY Article Page 6 of 6